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GBPJPY further losses in focus; stands below 20 and 40 SMAs
GBPJPY has reversed back down again after finding resistance at the two-week high of 149.37 achieved this week. This top is just below the 38.2% Fibonacci retracement level of the downleg from February’s high of 156.60 to March’s low of 145.00. Momentum indicators are pointing to a bearish bias in the short term with the RSI indicator holds just below the 50 level and the MACD oscillator fell below the zero line with weak momentum. It is worth mentioning that the price is trading below the 20 and 40 simple moving averages in the 4-hour chart acting as strong resistance level at 147.95 and 148.28 respectively, ... (full story)